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NAT–ICOM Subject Knowledge (Commerce)

NAT-ICOM is for the students of Commerce group. NAT-ICOM is acknowledged for admissions to Bachelor programs in Economics, Commerce, Management Sciences and other Social Sciences programs.

 

Subject Knowledge Sample Qestions

Accounting

61. A systematic way to maintain the books of accounts is called_________?
a) Accountancy
b) Economics
c) Book Keeping
d) Auditing

62. An Art of reading, classifying & summarizing of accounts in a systematic way is called__________?
a) Accounting
b) Accountancy
c) Auditing
d) Book Keeping

63. The maintenance of accounts in a systematic way is called__________?
a) Accounting
b) Reading
c) Book Keeping
d) Auditing

64. Goods Return by the customer are termed as :
a) Purchase return
b) Customer return
c) Sales return
d) Inventory return

65. Modern system of book keeping is called______________?
a) Double entry system
b) American system
c) Single entry system
d) Italic system

Answers

(61) Book Keeping
(62) Accounting
(63) Book Keeping
(64) Sales return
(65) Double entry system

66. The person to whom goods are sold on credit is called___________?
a) Buyer
b) Seller
c) Debtor
d) Creditor

67. Double entry means______________?
a) Entry in two sets of books
b) Entry at two ends
c) Entry at two dates
d) Entry for two aspects of the transaction

68. Discount received is a/an:
a) Asset
b) Expense
c) Liability
d) Revenue

69. Obligation of the Business are known as___________?
a) Liabilities
b) Revenues
c) Expenses
d) Assets

70. The amount invested by the proprietor to start the business is called:
a) Capital
b) Business
c) Drawings
d) All of them

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Answers

(66) Double entry system
(67) Creditor
(68) Entry for two aspects of the transaction
(69) Revenue
(70) Liabilities

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